By John Lee.
Iraq's State Oil Marketing Organization (SOMO) has confirmed that Iraq exported approximately 18 million barrels of oil in March, generating revenues of nearly $2 billion, equivalent to about 28 percent of February's pre-crisis revenues.
In a video statement, Director General Ali Nizar Al-Shatri [Shatari] said that SOMO coordinated closely with buyers and increased the number of tankers in holding areas to sustain exports for as long as possible.
These measures enabled Iraq to maintain export levels from southern ports until 8th March, outperforming some countries whose exports halted immediately.
He outlined several steps taken to diversify export channels:
- Agreement with the Kurdistan Region's Ministry of Natural Resources (MNR) to resume use of the pipeline enabling exports of Kirkuk crude via Turkey's Ceyhan port to European and US markets
- Activation of alternative export routes under Cabinet Decision 120 of 2026, including overland tanker transport through Syria and Jordan
- Prioritisation of fuel oil exports to manage surplus production and maintain refinery operations at full capacity
- Near completion of hydrostatic testing on the Iraq-Turkey Pipeline (ITP), with operations expected to resume shortly
- Contracts signed for crude oil and refined product exports via Syria, with plans to open a SOMO office at Banias port
SOMO aims to increase throughput via the Iraq-Turkey pipeline to between 400,000 and 430,000 barrels per day, strengthening its position in negotiations with Turkey over renewal of the export agreement.
Al-Shatri said the crisis has also created an opportunity to establish long-term export routes and strengthen the resilience of Iraq's oil sector.
(Source: SOMO)
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